Robinhood Intends To Offer More Cryptocurrency Features
Robinhood is investing in digital currencies and intends to expand its existing service to also include digital currency wallets.
According to the Chief Executive Officer of Robinhood, Vlad states that the business is currently overtime to incorporate additional digital currency-friendly functionalities.
In the starting few months of 2021, the commodity trading application experienced tremendous success after shifting gears to start selling cryptocurrency. DOGE dealing generates significant revenue for the firm. DOGE contributes for an astounding 34 percent of cryptocurrency income at the same time, also accounting for roughly 6 percent of the company’s total revenue.
Vlad earlier suggested in a live interview that the business may be focusing on cryptocurrency wallets as the CEO stated that the company has been working hard behind doors to give the company’s cryptocurrency clients the features they have demanded.
Vlad has suggested that additional features would be added to the exchanging software that will assist cryptocurrency dealers. With a cryptocurrency wallet on the way as quickly as it is possible. Vlad anticipates that the additional functionality will be introduced once the firm has ensured that everything is functioning properly, stating that the company intends to launch the latest features carefully, so it does not hamper the customer experience.
Robinhood will go public
Robinhood’s success this year has propelled the business into the spotlight for a variety of reasons. At the same time, the firm has had to cope with a number of legal difficulties. FINRA has ordered the firm to pay about $70m for inflicting serious damage to clients. This is a reference to system disruptions that occurred during periods of high demand and instability in the digital currency market.
Nevertheless, the firm persisted and revealed that it intends to go public. Robinhood is finally set to go public, with an approximated worth of $35b. The firm intends to sell about 55m shares, and with HOOD shares likely to trade at roughly $40 per share.
Digital currency exchanges are quickly expanding
Robinhood’s Initial Public Offering statement came soon following Coinbase becoming the 1st digital currency business to go public. The company remains the largest cryptocurrency firm to float, with an approximated worth of $90b when it was initially offered.
Circle similar to Robinhood just declared its plans to go public as well close to the dusk of 2021, with an estimated worth at $4.5b. The CEO of Binance, Changpeng, has shared the same idea of listing the US-based Binance company publicly.